If you’re looking to protect yourself from any future rate rises with zero fees, then you may want to consider the Super Rate Fixed Saver home loan.
If you want to plan your household budget, as well as have certainty in your repayments then a fixed rate loan could provide you with these options. You can also save on fees with this home loan, leaving money for more important things. Have the choice of fixing a portion of the whole loan with a fixed rate which reverts back the Super Fee Saver home loan.
Super Rate Home Loans is now administered through Folio Mortgage & Finance. Keep visiting this page for more information.
Features of the Super Rate Fixed Saver home loan
This home loan is suitable for first home buyers, refinancers and investors who are wanting the same repayments for a set period. It is also available as both a high documentation and low documentation loan. If you’re looking for a variable rate option, you may want to consider the Super Rate Fee Saver home loan.
Things to consider about the Super Rate Fixed Saver home loan
- Loan amount. Borrow from a minimum of to a maximum of with this loan. You can borrow more than maximum with special approval.
- Loan to value ratio (LVR). Borrow up to LVR if you’re using the loan to purchase property and up to LVR if you’re using the loan to refinance. Please keep in mind that if you borrow more than 80% LVR then it will incur Lender’s Mortgage Insurance (LMI) which protects the lender, not the borrower. For low documentation loans, loans above 60% LVR will incur LMI.
- Loan term. Borrow from a minimum of to a maximum of .
- Additional repayments. You can make additional repayments to this home loan of up $10,000 allowing you to pay off your home loan faster if you receive any extra funds.
- Split your loan. You can split your loan up to 4 times, with a minimum amount of $25,000 each split. This means you can pay the variable interest rate on one portion and a fixed interest rate on the other, so either way you get some favour from the behaviour of interest rates.
- Repayment options. You can choose to have your salary credited into your home loan, or use direct debit payments. Any additional funds that you deposit into your loan that is above the minimum repayment cannot be redrawn. You can repay fortnightly or monthly and choose to pay interest-only repayments for up to 5 years on monthly repayments only.
- Accessibility. You can access your home loan using online facilities, phone banking and BPay. This loan is also portable, so if you choose to move houses, your home loan can move with you.
Fees and charges
Fees you can avoid
- Application fee . This is the fee that lender’s charge to consider a loan application and is normally paid upfront. Super Rate has waived the application fee for their loans.
- Valuation fee . This covers the cost of the lender sending an employed or third party valuer to the property to determine its value. Super Rate has waived the valuation fee for this loan.
- Settlement fee . Settlements costs include factors like negotiating with the seller and any other buyer costs. Super Rate has waived the settlement fee for this loan.
- Legal fees . This covers the cost of any legal services required to settle your home loan. Super Rate has waived the legal fee for this loan.
- Break costs. This only applies if you choose to pay out or exit from a fixed loan before the fixed rate period ends and usually depend on market conditions.
- Lender’s Mortgage Insurance. If you borrow more than 80% LVR for high documentation loans, then you will need to pay a premium for LMI. Since you’re borrowing such a large amount of funds, the lender needs to be protected in case you default.
How to apply
If you think the Super Rate Fixed Saver home loan is for you, then you may want to click enquire to be safely redirected to the Super Rate enquiry page. Alternatively you if you have any questions about this loan, please click ask a question. Please have the following information ready and once you’ve submitted the enquiry, a Super Rate mortgage consultant will contact you.
- Personal details (name and contact number)
- Loan details (loan amount, purpose of the loan and repayment type)
- Property details (value, type and state)
- Applicant details (First home buyer, self employed, outstanding debts)
- Employed for a minimum of three month in fulltime employment
- Have 5% genuine savings
- Super Rate’s affordability test
- Satisfactory credit history
- Able to provide all required documentation